Crypto Analyst Warns Altcoins Could Crash Up To 60% More – Here’s The Timeline
Popular crypto analyst Jason Pizzino predicts further losses for the altcoins market even after its valuation has already plunged from a peak of over $900 billion in late 2021 to around $200 billion currently.
In a new video, Pizzino tells his 276,000 YouTube subscribers that the current $221 billion market cap of cryptoassets, excluding Bitcoin (BTC), Ethereum (ETH) and stablecoins, could still see further decline as the decline threatens to continue into next year .
“This is something I’ve been talking about a lot and looking at the downside of cryptos basically coming to the final dump capitulation low prices that I’ve been expecting since we started breaking down from the big swing levels and more importantly big 50% of $550 billion using stablecoins included in the altcoin market cap.
This is what we’ve been talking about, somewhere between about $80 billion to $100 billion and the upside of about $180 billion to $200 billion, so we’re almost there. It is not far away, and if we take a measured move from around 220 billion dollars all the way down to the top of this zone. That’s about a 23% drop to around 170 billion, and it’s in line with the previous highs in 2018.”
The analyst says that the altcoin market could soon fall by 20% to 60%, and the crash is likely to happen anytime within the next 12 months.
“Somewhere between 20% and 60% is what I expect for cryptocurrencies into the final capitulation if we were to see some kind of dump and potentially continue to grind that low while Bitcoin regains strength and builds its position as the king again and then starts to take off. This is what I expect for cryptos, altcoins, probably in the next 1 to 12 months, a short-term time frame when they hit, but then they go out in the longer time frame.”
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Featured image: Shutterstock/Anna Anikina
